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Multifamily For Sale

557-559 Ashland Ave
Aurora, IL 


TYPE Multifamily
PRICE $795000
UNITS 12 (All 2Bds)
BUILDINGS 2
FLOORS 3
OCCUPANCY 100%
CAP RATE 10.2%
CASH-ON-CASH 23%

 Highlights


  • Fully Occupied with Long History of Low Vacancy
  • All Electric Building – Tenant Paid Heat and Hot Water
  • No Major Mechanical’s – Avoid Significant Mechanical Maintenance and Repairs
  • All Above Grade Two-Bedroom / One-Bathroom Units
  • Month-to-Month Leases Offering Flexibility to Renew/Raise/Renovate/Re-Tenant
  • City Inspected and Renewed Annual Certificate of Occupancy

Description


Marcus & Millichap is pleased to present for sale a fully-occupied B/C class 12-unit multifamily property located in the Western Chicago Suburb of Aurora; the second largest City in Illinois. The property consists of all two-bedroom one-bath units and is cost-effective and efficient to maintain with limited mechanical’s. Professional property management services are available. The property has been lender underwritten offering competitive rates and terms for qualified buyers.

Each unit has separately metered tenant paid electric baseboard heating, separate electric hot water tanks, and tenant-owned sleeve air condition units. Amenities include off-street parking, balconies and an owned coin-operated laundry room on the second floor of each of the two interior corridor entrances.

The property has been recently inspected by the City of Aurora and received a renewed Annual Certificate of Occupancy. There is upside in further rental increases over the proforma rents should a buyer opt to upgrade units. All leases are currently month-to-month offering the flexibility to secure annual leases, increase rents or renovate and re-tenant units if desired.

Map Overview


 

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